Skip to main content

Smart Thinking For Smart Businesses



It’s a friction-ridden era. Markets are staring at a slowdown and layoffs could be rampant. In fact, pink slips are already around. Startups like OYO and WeWork have already laid off thousands of their employees. According to a New York Times estimate, over 30 global Startups have fired more than 8, 000 professionals in the last few months owning to a downturn in business.

It’s sort of a norm with today’s employers to fire during slowdowns and hire again during an uptake. But this hire-and-fire policy does not bode well for Startups, SMEs and upcoming ventures that need talent, especially at the C-level, in quick succession to churn out compelling results. Startups need experienced hands to steer their fledgling ship through a choppy ocean. From Chief Marketing Officers, Chief Sales Officers, Chief Sustainability Officers to Chief Data, Information, Technology and Executive Officers; C-suite titleholders strategize, manage revenues and operations, and ensure the organisation thrives. They free up founder/promoter time, which can later get channelized towards growth and expansion.  

Meanwhile, hire-and-fire entails huge costs, more so at the CXO level. Consider this...it takes approximately 8-12 weeks to replace a position and another month or two for the new hire to get productive. According to the Society for Human Resource Management (SHRM), costs associated with individual employee turnovers can range from 90-200% of an employee’s annual salary. This translates to severe cash burns for a Startup.

Isn’t it then time to take a re-look at this conventional technique? How about adopting a fresh approach more in line with the dynamics of today’s job market and workplace culture?




Talent acquisition is undergoing a paradigm shift with novel methodologies cushioning ventures against volatility. Take co-hiring for instance. Co-hiring lets you have the right talent at the right time and in the most cost-efficient manner. Your venture needs a CXO just-in-time, one who is productive from Day One. The CXO may be needed just for a project, or a quarter, or for longer durations. Irrespective of this, co-hiring gives you the talent. Just like co-working lets you access workplace infrastructure, while co-living welcomes you into a shared living space. With the sharing economy slated to cross a staggering $ 335 billion by 2025 (as per PwC estimates), the need for co-hiring, like co-working and co-living, is now monumental.

Here are the key benefits that co-hiring brings to your venture:




Accelerated Induction and Enhanced Output
Scouting, screening, inducting and on-boarding a new CXO often takes months of precious time. Something that no business can afford in these demanding times when work requirements warrant immediate attention. Moreover, a new hire often takes a while to acclimatize to the work culture before turning productive. Co-hiring supersedes this all. You need talent, you get it right away. On-boarding is quick and easy, while the new hire is ready to deliver within a week of sign-off.
Optimal Costs

A CXO brings not only experience and expertise, but a bulky CTC. Having a CXO is a drain on the feather-light budgets of SMEs and startups. Thus, startups often overlook the need for a C-suite candidate and end up with a business that lacks direction. Through co-hiring, you can have a CXO as per the requirement and at zero costs pertaining to recruitment and retention. While the exit terms for a co-hire are streamlined, replacement for an exited CXO happens free of cost. Thus, the overall cost benefits associated with co-hiring could be about 40-50%!
   
An experienced hand in-house

Co-hired CXOs are your in-house talent powerhouses who fully believe in your vision, mission, work culture and operate to attain your business goals. They strategize, collaborate with partners, vendors and stakeholders, and steer your venture towards newer benchmarks.
Talent On-Demand
You have a new product to be released in the market. And you possibly need a Chief Marketing Officer only for a duration of 6 months to ensure the product release is seamless and there is enough noise generated to garner traction. Co-hiring again works best here. In the most convenient way, you can have your resource attain the company objective and then move on without disturbing the HR equilibrium.

With benefits galore, what’s still stopping you from leveraging the co-hire model ?

Comments

  1. Smart Business & IT Solutions is a young and innovative company providing Software Solutions that will enable your business to increase productivity, improve efficiency by leveraging our strengths of deep business domain knowledge and software expertise. Elevate Technology is a well-established and experienced Managed IT Services Brisbane. They offer a wide range of Computer Services in Mackay at budget-friendly prices. We are an authorized service agent for some of the biggest brands IT like HP, Apple, Lenovo, IBM, Dell, and many others. There are various plans and packages available that you can choose as per your business requirements. Our services include Web Hosting, Domain Names, Office 365, and a lot more solutions for your business.

    ReplyDelete

Post a Comment

Popular posts from this blog

Why is digital marketing important for Medium and Small Enterprises ?

One of the key differentiators of the success of a business is the number of customers that it can reach as more customers mean more sales volume.   One of the technological innovations that helps a business in this direction is digital marketing . It is indeed a boon for MSMEs as it lets you reach your target audience with ease, simplicity and at very low cost. Cost is always a concern for most MSMEs. Why would anyone not want to use the power of the internet with over 3 billion users to further the cause of their own business? But it is a fact that deploying digital marketing for their own benefit seems a herculean task for many MSMEs as they feel that they are not adept nor attuned for the digital world, they also tend to think that they will not reach their target market or they simply do not have adequate information, lack sufficient human resource and tools to manage the digital world. Here is where organisations like Outsourced CMO can help these MSMEs bridge the

SHARING IS CARING !..... EVEN FOR STARTUPS !

The Shared Economy Concept, at its core, is based on the most efficient use of money and resources. In the era of start-ups, gathering the resources is the most challenging aspect of any start-up. The broader vision of the founders of a start-up need to be simplified into micro plans so as to achieve the objective initially set. These micro plans focus on the resource requirements of the start –up. By resource requirement we mean all the tangible and intangible forces which are needed to build up the venture. It includes manpower requirements, space requirements and funding to name a few. Since the funds available to a start-up are usually limited, manpower planning plays a crucial role. An essential ingredient to effective leadership is to manage the resources efficiently. As the funds are limited, resource sharing can play an important role in the success of the venture. The technological advancement across all industries today makes resource sharing a very convenient and appropri

Do marketers need to worry about job losses in AI dominated future ? (Part 1)

The age of AI driven automation is well and truly upon us. Pizza Hut is experimenting with robots called Pepper and virtual assistants like Siri and Alexa are a reality now. According to Pizza Hut the experiment with Pepper will not only make the customer service faster and more efficient but will also make it easier for people to customize their orders. The company expects a reduction in customers’ wait time for orders and far superior and personalized user experience. This does indeed represent a threat to the first line of marketing personnel.   Although it is equally true, that Pepper has not been so successful outside Japan, where it is sometimes available at hotel lobbies as a virtual concierge and was actually fired from a Scottish grocery for less than satisfactory performance! But this can be seen as a step in the learning curve for AI controlled robotics and as we all know that this learning curve is indeed quite sharp.   Marketeers are confused as to h